This report ranks the recordkeepers that serve large 401(k) plans in New Mexico, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 130 large 401(k) plans in New Mexico that disclosed a recordkeeper — covering 81,316 active participants and $14.4B in plan assets — the market remains highly concentrated at the top.
Empower is the most widely used recordkeeper by number of plans served, named as the primary recordkeeper on 23 plans (17.7% of the recordkeeper-served market), followed by Fidelity with 15 plans (11.5%). Ranked by assets on the plans they serve, Fidelity leads with $11.2B.
Primary recordkeeper per plan · 2024 plan year · share of the 130 large 401(k) plans in New Mexico that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 23 | +15.0% | 15,436 | $607.7M | 17.7% |
| 2 | Fidelity | 15 | 0.0% | 38,556 | $11.2B | 11.5% |
| 3 | John Hancock | 15 | +7.1% | 5,557 | $172.1M | 11.5% |
| 4 | Principal | 14 | -6.7% | 3,658 | $273.0M | 10.8% |
| 5 | Lincoln Financial | 7 | 0.0% | 2,342 | $230.5M | 5.4% |
| 6 | Transamerica | 7 | +40.0% | 1,915 | $89.7M | 5.4% |
| 7 | ADP | 7 | -12.5% | 1,429 | $80.5M | 5.4% |
| 8 | Vanguard | 5 | -16.7% | 2,497 | $1.0B | 3.8% |
| 9 | Mutual of America | 5 | +66.7% | 1,616 | $91.0M | 3.8% |
| 10 | Nationwide | 5 | 0.0% | 1,576 | $52.8M | 3.8% |
| 11 | July Business Services(as filed) | 5 | +150.0% | 566 | $52.1M | 3.8% |
| 12 | The Standard (StanCorp) | 4 | 0.0% | 825 | $36.2M | 3.1% |
| 13 | Ascensus | 4 | -20.0% | 589 | $35.8M | 3.1% |
| 14 | EPIC Retirement Plan Services | 2 | — | 261 | $89.0M | 1.5% |
| 15 | Sentinel Benefits Group(as filed) | 2 | 0.0% | 538 | $88.6M | 1.5% |
| 16 | Voya | 2 | 0.0% | 1,304 | $41.0M | 1.5% |
| 17 | Alerus | 2 | 0.0% | 1,307 | $37.2M | 1.5% |
| 18 | Schwab | 1 | 0.0% | 221 | $156.4M | 0.8% |
| 19 | Merrill (Bank of America) | 1 | 0.0% | 312 | $23.0M | 0.8% |
| 20 | Capital Group (American Funds) | 1 | — | 392 | $20.6M | 0.8% |
| 21 | Equitable Life Insurance Co(as filed) | 1 | 0.0% | 263 | $13.6M | 0.8% |
| 22 | Matrix Trust(as filed) | 1 | 0.0% | 156 | $6.8M | 0.8% |
| 23 | Decimal(as filed) | 1 | 0.0% | 0 | $0 | 0.8% |
Sum of each plan’s end-of-year total plan assets, pooled investment vehicles excluded. “Assets on plans served,” not assets under administration.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Assets share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 15 | 0.0% | 38,556 | $11.2B | 77.7% |
| 2 | Vanguard | 5 | -16.7% | 2,497 | $1.0B | 7.1% |
| 3 | Empower | 23 | +15.0% | 15,436 | $607.7M | 4.2% |
| 4 | Principal | 14 | -6.7% | 3,658 | $273.0M | 1.9% |
| 5 | Lincoln Financial | 7 | 0.0% | 2,342 | $230.5M | 1.6% |
| 6 | John Hancock | 15 | +7.1% | 5,557 | $172.1M | 1.2% |
| 7 | Schwab | 1 | 0.0% | 221 | $156.4M | 1.1% |
| 8 | Mutual of America | 5 | +66.7% | 1,616 | $91.0M | 0.6% |
| 9 | Transamerica | 7 | +40.0% | 1,915 | $89.7M | 0.6% |
| 10 | EPIC Retirement Plan Services | 2 | — | 261 | $89.0M | 0.6% |
| 11 | Sentinel Benefits Group(as filed) | 2 | 0.0% | 538 | $88.6M | 0.6% |
| 12 | ADP | 7 | -12.5% | 1,429 | $80.5M | 0.6% |
| 13 | Nationwide | 5 | 0.0% | 1,576 | $52.8M | 0.4% |
| 14 | July Business Services(as filed) | 5 | +150.0% | 566 | $52.1M | 0.4% |
| 15 | Voya | 2 | 0.0% | 1,304 | $41.0M | 0.3% |
| 16 | Alerus | 2 | 0.0% | 1,307 | $37.2M | 0.3% |
| 17 | The Standard (StanCorp) | 4 | 0.0% | 825 | $36.2M | 0.3% |
| 18 | Ascensus | 4 | -20.0% | 589 | $35.8M | 0.2% |
| 19 | Merrill (Bank of America) | 1 | 0.0% | 312 | $23.0M | 0.2% |
| 20 | Capital Group (American Funds) | 1 | — | 392 | $20.6M | 0.1% |
| 21 | Equitable Life Insurance Co(as filed) | 1 | 0.0% | 263 | $13.6M | 0.1% |
| 22 | Matrix Trust(as filed) | 1 | 0.0% | 156 | $6.8M | 0.0% |
| 23 | Decimal(as filed) | 1 | 0.0% | 0 | $0 | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in New Mexico. Each plan is attributed to its sponsor's state from the Form 5500, so a multi-state employer's plan is counted once, in its filing state. Scope is 401(k) plans only — filings whose pension-benefit code carries the 401(k) feature and are not defined-benefit plans — so the figures are comparable to other 401(k) market benchmarks. Each plan is attributed to a single primary recordkeeper — the disclosed recordkeeper receiving the highest direct compensation — so figures are unduplicated and brand shares sum to 100%. Provider-name spellings are consolidated into brand families using a curated, published mapping. Assets are each plan's own end-of-year total plan assets, summed across the plans a recordkeeper is primary on, with pooled investment vehicles (master trusts and other Direct Filing Entities) excluded to avoid double-counting. Because Schedule C is filed almost exclusively by large (generally 100+ participant) plans, this is a large-plan 401(k) market view. See the methodology for full definitions and limitations.
Full definitions and limitations: Methodology §7.
Source: U.S. Department of Labor EFAST2 public release of Form 5500 & Form 5500-SF, Schedule C (service providers) and Schedule H (financials), plan years 2022–2025. Generated October 18, 2026.
